Back in late Noevember (24th I think) I posted this:

3. My own work with $GOLD (Tyhee has too little input for my style of analysis) suggests that gold may hit $1225 very soon (early Dec.) and then trade sideways for a month or more trading as low as perhaps $1150 or so. It then begin its final ascent for wave 3 of III to 1650 in approximately mid 2010. In so saying, I am only confirming what Jim Sinclair said some time ago, (except he did not provide interim dates, he just said before Jan 11, 2011 if I remember the January number correctly). I am amazed that he came to these conclusions so very long ago. He offered to bet a million dollars on the outcome to anyone who wanted to take the other side as long as they could put up the money to be held by an independent party. From my point of view, one does not bet against "Mr. Gold."

The above statement needs a slight adjustment. (I inadvertently left out the wave 5 of III which follows this current correction.) The correction from $1225 (3rd wave of 3 of III) will not be so long in duration (as stated above). It will be over in a week or so. Then the next target will be the 1275 -1300 range. The correction from that runup may last close to a month as that will be the completion of the 5th wave of 3 of III. When that correction completes we will be on our way to the 1650 mark with wave 5 of III. We will have two more minor 2nd and 4th wave corrections as 5 of III unfolds.

That will be followed by a longer correction as major wave III itself corrects. That correction could take us into the late fall of 2010. From there it is vertical and volatile to Armstrong and Alf's numbers (between 5000-6000).

As gold goes more vertical the corrections become shorter in time but they do not become less severe in price, hence the action gets wild.

P.